Founded in 2013 by two former NSA analysts, Synack is renowned for its bug bounty program which allows its curated team of researchers to examine a client’s operations for vulnerabilities.
Bug bounty platforms operate differently than penetration companies. The latter functions as a traditional consulting company, whereas bug bounty platforms are more like marketplaces that enable free-agent bug bounty hunters to be picked up by companies interested in their services. They lure in companies by giving them access to a large pool of hackers, and in turn, appeal to hackers by offering a list of companies that are ready to pay for their assistance.
Synack relies on a community of more than 1,500 security researchers and professionals from over 80 countries, who make up the Synack Red Team. They utilize a security monitoring system equipped with AI and machine learning to assist in their search.
Over five funding rounds, the company has raised a total of $112 million with their most recent Series D round wrapping up last month. Synack announced it raised $52 million in a round co-led by B Capital Group and C5 Capital. Hewlett Packard Enterprise, GGV Capital, GV, Icon Ventures, Intel Capital, Microsoft’s venture fund M12, Kleiner Perkins and Singtel Group’s venture arm Innov8 also took part in the funding round.
The company plans to use this injection of funds to develop analytics and research, expand its pool of skilled ethical hackers, and further strengthen its SmartScan security monitoring technology. Synack also hopes to expand its global presence and invest in new products and other offerings that pair ethical talent with artificial intelligence and machine learning to identify vulnerabilities.
“The only way to guarantee trust and control in cybersecurity used to be through on-site work. That’s simply no longer the case,” said Synack CEO Jay Kaplan. “Synack can maintain trust and visibility all while giving customers access to an army of the most talented ethical hackers to defend against today’s relentless cyber attacks.”
Synack is already trusted by the world’s leading banks, retailers, and healthcare companies totaling over $1 trillion in assets. The company’s clients also include major federal government agencies such as the Department of Defense, and defense and aerospace companies like General Dynamics Information Technology (GDIT).